Ah, Monterey. The litmus test of the market. Of course, the results recorded during Car week are always nuanced – and more so than ever in 2024. But what about 390m US dollars of trade drummed up between RM Sotheby’s, Gooding & Co., Bonhams, Mecum and Broad Arrow over five days doesn’t shout enthusiasm to you? Certain sectors are on the move, others clearly less so, but people are still buying collectable cars.

There was clearly a more marked shift than we’d become used to across the flagship collector-car auctions in Monterey, generally from older, more traditional (and especially more expensive) to younger and more fashionable ‘of-note’ cars. This just so happened to be exacerbated by sheer volume and the clear disparity between sellers’ expectations and buyers’ realism. Saying that, seven out of the top-10 most expensive cars sold all week were still built before 1970. 

Headlines at the loftiest heights of the market were, sadly, fewer than anticipated. Much like last year (though clearly to a greater extent), if there is the smallest of cracks – whether concerning originality, condition, provenance or price – it’s not what buyers are prepared to pay that will change, but rather that they simply won’t buy at all. Speculation beforehand only magnified those ‘no-sales’, which no doubt only reinforced the general feeling of caution.  

It felt like an inevitability that the first Porsche 911 DLS reimagined by Singer to come to auction would skyrocket. And so it did: 3.085m USD is where Gooding dropped the hammer, a sum higher than virtually all of the great road-going Porsches offered, the Carrera GT included. RM’s F50 (5.5m USD), Bonhams’ 812 Competizione (1.611m USD) and Broad Arrow’s 488 Pista Piloti (885,000 USD) proved limited-edition Ferraris are still hot property across the pond. And the Lamborghini Murcielago Roadster RM sold for 1.35m USD indicated these ultra-low-mileage manual Raging Bulls show no signs of slowing down. 

This change of demographic was very much reflected on the roads around Monterey throughout the week. It was difficult to drive for five minutes without encountering a convoy of Ferraris, Lamborghinis and McLarens. Even fully-fledged hypercars – Bugatti Chirons, Koenigseggs, Porsche 918s, McLaren P1s and the like – became so common as to become shockingly un-shocking.

For years planning your Monterey Car Week was easy since you could orientate your whereabouts around the relatively small number of key events, culminating in the Pebble Beach Concours d’Elegance. And while those events – The Quail, the Rolex Monterey Motorsports Reunion, etc. – do continue to form the backbone of the week, they are now really only the beginning. 

There is so much going on, from small-scale concours in Carmel and club tours around the peninsula to manufacturer open villas on 17-Mile Drive and impromptu shore-side cars-and-coffee meets. This year there was even an international summit of collector-car dealers! The passion for cars in California was palpable. And so satisfyingly strong among the younger generation especially. But I do think this immense choice meant fewer potential buyers in the various auction salerooms throughout the week. Sacrifices were on everybody’s itineraries.

I thought the presence of 1990s GT sports-racing cars and wedge-tastic concepts on the 18th fairway at Pebble Beach was a surefire – and very welcome – sign that the organisers are keeping a finger on the pulse of our world and training one eye on the future. And what a welcome change to see a preservation car, the fabulous ex-King Leopold Bugatti Type 59, win outright for the first time? That Bertone’s outrageous Lancia Stratos HF Zero from 1970 almost clinched ‘Best of Show’ proved that disruption remains a fundamental part of Gandini’s groundbreaking design language from that time. There’s only been one post-War ‘Best of Show’ at Pebble so that would have been quite the story had it won given its comparative youth. Am I the only one who would have loved to see Torino triumph? 

During Sunday’s Pebble Beach Concours d’Elegance I had to wonder how many of the thousands of visitors were aware of the concurrent display of special Prancing Horses on the Casa Ferrari lawn just a stone’s throw away from The Lodge. Bad luck if you missed it. Strolling around said display early on Sunday morning, largely on my own, it struck me that it might just have been the most impressive – and valuable – selection of cars I’d ever encountered.

GTOs, California Spyders, 275 NART Spyders, 166 MM Barchettas, Superfasts, Superamericas, a 250 Mille Miglia and a 340 Mexico. All the hits. And that was just the GT cars! In addition to a 250 Testa Rossa and a flawless F333 SP, the undoubted stars of the show were the jaw-dropping trio of ‘P’ cars. Seeing these three together was worth the plane ticket to California alone.

It was also cool to see the one-off Tailor Made 812 Competizione, which I had the pleasure of auctioning for charity at last year’s Ferrari Gala in New York, raising 5.1m US dollars. Believe me when I say it wasn’t the only time this week I was reminded how much I miss swinging the gavel!

It's telling of the concentration of wealth in Monterey and the gathering of specialised media and trade that Car Week is now the place for major manufacturers to launch their latest and greatest wares. What a difference a decade makes – would Lamborghini and Maserati have lifted the lids on their new supercars anywhere other than the Geneva Motor Show back in 2014? 

It’s also telling of the influence of social media that restomods and custom builds produced by comparatively lesser-known companies justify slick launches during Car Week because they genuinely garner more airtime than the major manufacturers.

It will come as no surprise to learn that an open 12-cylinder Ferrari from the 1960s is about as good a means of travelling around the Monterey Peninsula during Car Week as it’s possible to find. Team Girardo & Co. and I once again had the pleasure of walking past the car rental desk at the airport and collecting this beautiful 1968 Ferrari 330 GTS. The 86th of only 100 built, the matching-numbers car was recently refinished in its fabulous original shade of Argento. It’s a car we’re going to be launching soon, so if you’re searching for a great 330 GTS, do give us a call.

Amid the torrent of modern Ferrari, Lamborghini and McLaren supercars, I have to say it was very nice to be driving an old car.  

Photos: Ken Saito for Girardo & Co. 

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